NEW DELHI, June 21: The Union Cabinet is all set to approve disinvestment of three public sector undertakings (PSUs), Finance Minister P Chidambaram said.

Although he declined to name the PSUs, official sources said they were - Gas Authority of India Limited (GAIL), MTNL and Indian Oil Corporation (IOC).

Answering questions at a press conference, Chidambaram said the Disinvestment Commission had recommended 15 PSUs for disinvestment. The Union Cabinet considered the recommendation and shortlisted three PSUs for disinvestment.

A detailed note has now been prepared for the consideration of the Cabinet for specific disinvestment. The Cabinet will take it up any day for a final decision.

Chidambaram said he and industry minister Murasoli Maran were working together for going ahead with the proposed disinvestment. The sale proceeds from the three blue chip public sector companies , official sources said, would suffice to meet the target of Rs 4500 crore set by Chidambaram in the current year's budget.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.